Max Financial Services Ltd announced on Tuesday (June 10) that Sumit Madan has been appointed as the new managing director and chief executive officer of Axis Max Life Insurance Ltd, starting October 1, 2025. He will take over from Prashant Tripathy, who is set to retire on September 30, 2025.
Currently the chief distribution officer at Axis Max Life, Madan brings over 25 years of extensive experience in the banking and financial services sector. He has been instrumental in establishing organizations from the ground up and driving business growth across various institutions.
Prior to this role, he was with IDFC FIRST Bank, where he effectively expanded the branch banking network and played a crucial part in transforming the bank into a thriving retail franchise with a CASA ratio surpassing 50%, highlighting his exceptional execution abilities and leadership vision.
Also Read: Axis Max Life Insurance announces ₹2,135 crore bonus for policyholders in FY25
Madan joined Axis Max Life Insurance in February 2024. Since then, the company has not only enhanced its overall business standings but has also achieved significant improvements in quality metrics.
The appointment is pending approval from the shareholders of Axis Max Life and the Insurance Regulatory and Development Authority of India (IRDAI). Madan’s tenure as MD and CEO will last for five years, from October 1, 2025, to September 30, 2030.
Axis Max Life Insurance operates as a subsidiary of Max Financial Services and is a joint venture between Max Financial Services Ltd and Axis Bank.
Max Financial Services Ltd shares closed at ₹1,524.20, decreasing by ₹0.050, or 0.0033%, on the BSE.
Also Read: Prashant Tripathy to retire as MD and CEO of Axis Max Life by September-end
(Edited by : Shoma Bhattacharjee)
